In personal finance the end of the financial year is very important for many people. For some, minimising income tax this year is most important. For others it’s more about arranging their affairs now so they will pay less tax in the future.

Either way, June 30 brings a deadline beyond which opportunities are permanently lost.

To reduce tax this year there are several options. The ATO allows prepayment of deductible expenses for up to thirteen months. That means investors can prepay expenses relating to their investments for the next year now, and claim the tax deduction for them in this financial year.

They can prepay interest on investment loans, including loans to buy properties, managed funds and shares. People who have had a high income year could arrange with their bank to prepay interest on their property loan for the next year and claim the deduction now.

Super contributions are tax deductible up to $30,000 per year, including employer super guarantee amounts. For example, if an employer pays $10,000 of super payments the employee can contribute $20,000 extra and claim a tax deduction for it. That saves tax now and builds their retirement savings.

If the person’s super balance was under $500,000 at June 30 last year they may also be able to make carry-forward contributions. They can catch up on amounts they were entitled to put in in the last five years but didn’t. For some people this could be a large sum, even $100,000.

People who have sold assets such as investment properties and realised a large capital gain can use catch-up super contributions to reduce their capital gains tax bill.

People keen to arrange their affairs so they pay less tax in future years can use non-concessional or non-tax-deductible super contributions. When converted to a retirement pension there is no tax on the investment earnings and no tax on the payments to the retiree. It’s all tax free.

That’s a good reason for those nearing retirement to add more to their super. Non-concessional contributions have a higher limit, $120,000 per year. People can also bring forward two future years’ contributions for an immediate amount of $360,000.

Non-deductible contributions have another valuable benefit. They are tax free to beneficiaries after the retiree passes on. So people who can access their super and draw money out may wish to do that, then recontribute, to convert their accounts to be tax-free to beneficiaries.

The end-of-financial-year offers opportunities that suit a range of circumstances. Professional advice can help determine the best strategies for each person.